Exam (elaborations)
TEXAS AUCTIONEER LICENSE-PART 1
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TEXAS AUCTIONEER LICENSE-PART 1
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TEXAS AUCTIONEER LICENSE-PART 1Does an auctioneer need a federal firearms license? - Answers -Yes AND No; if estate
sale then no, consignment sale then yes
If an auctioneer sales a firearm away from their business location, how do they transfer
to buyer? - Answers -It must be returned to their business location before transferring.
Who determines the auctioneers fee in federal bankruptcy court? - Answers -The court
sets the fee.
Who must obtain a firearms license? - Answers -Persons in the business of importing,
manufacturing, or dealing in firearms, or importing or manufacturing ammunition
What is an antique? - Answers -Any work of art, piece of furniture, decorative object, or
the like, created or produced in a
former period, or, according to U.S. customs laws, 100 years before date of purchase.
What is "provenance"? - Answers -Place or source of origin; the history of ownership.
What does "termination" of a contract mean? - Answers -when either party pursuant to a
power created by agreement or law puts an end to the contract otherwise than for its
breach.
What does "cancellation" of a contract mean? - Answers -occurs when either party puts
an end to the contract for breach by the other and its effect is the same as that of
"termination" except that the cancelling party also retains any remedy for breach of the
whole contract or any unperformed balance.
True of False. An oral contract for a used jetski with a price of $750 is enforceable in a
court. - Answers -False. For items more than $500 a contract must be in writing to be
enforceable.
If a contract is found to have a deficiency like a blank that was not filled in, is it rendered
invalid? - Answers -No. A writing is not insufficient because it omits
or incorrectly states a term agreed upon but the contract is not enforceable under this
paragraph
beyond the quantity of goods shown in such writing.
If a financial statement covers "to be extracted" goods (timber) or fixtures that are
attached to real property, what must it include to be "sufficient"? - Answers -1. Notice
that it will be filed in the public record. 2. Indicates that it covers this type of collateral 3.
A description of the real property to which the collateral is related. 4. If the debtor does
not have an interest in the real property, the name of the person(s) that has an interest.
, Define "wholesaler." - Answers -a person who sells for the purpose of resale and not
directly to a consuming purchaser
What must an ad for a "going out of business" sale include? - Answers -The name of
the business owner and the correct business address.
Chattel is defined as_________________________________________. - Answers -
Anything that is not real property. Personal property.
Business law defines a "person"as _________________________________________.
- Answers -an individual, partnership, corporation, association, or other group, however
organized
True or Fales. A "consumer" is any person or entity that seeks to buy goods or services.
- Answers -False. A business consumer with more than $25M in assets does not fall in
the "consumer" category and is treated different by the law.
"Knowingly" means... - Answers -means actual awareness, at the time of the act or
practice complained of, of the falsity, deception, or unfairness of the act or practice
giving rise to the consumer's claim
Is the state considered a business consumer? - Answers -No.
Economic damages is... - Answers -compensatory damages for pecuniary loss,
including costs of repair and replacement.
Name the different types of residences. - Answers -Single family house, duplex, triplex,
quadraplex, multi-unit when title is conveyed such as a condominimum or cooperative;
as long as intended for a residential living.
In Deceptive Trade Practice Law what does "intentionally" mean? - Answers -means
actual awareness of the falsity, deception, or unfairness of the act or practice, or the
condition, defect, or failure constituting a breach of warranty giving rise to the
consumer's claim, coupled with the specific intent that the consumer act in detrimental
reliance on the falsity or deception or in detrimental ignorance of the unfairness.
Is a person's name in combination with his social security number is considered
"sensitive" or "personal" identifying information? - Answers -The social security # makes
it "sensitive'. Just a name is considered "personal".
If there is a breach of personal information or "sensitive" information, a business must
notify the harmed persons when? - Answers -immediately; unless it would impede a
criminal investigation
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